HIGHTSTOWN, N.J. (10/5/11)--New Jersey’s credit unions are well represented on NJBIZ
magazine’s first Power 50 Banking list. The list was largely shaped by the battle over municipal deposits, which NJBIZ
cited as the state’s biggest banking story of the year, said the New Jersey Credit Union League (NJCUL) (The Daily Exchange
Oct. 4). “There was no bigger story in banking this year than the fight over municipal deposits,” the article said. “Once the sole domain of banks, legislation that the governor signed earlier this year has now opened this lucrative realm to credit unions, marking a big victory for them and a setback for bankers.” The bi-partisan municipal deposit reform legislation, signed into law on Aug. 18, allows credit unions to become eligible depositories for counties, municipalities and school boards (News Now
Sept. 22). Among the credit union representatives on NJBIZ’s Power 50 Banking list:
* Paul Gentile, league president/CEO. Gentile was instrumental in garnering support among the league’s member credit unions, NJBIZ said. * Ray Del Nero, president/CEO of Merck Employees FCU, Rahway, and NJCUL board member. Merck had $1.65 billion in assets on June 30, an increase of more than 10% from the previous year. * Andrew L. Jaeger, president/CEO of Credit Union of New Jersey (CUNJ), Ewing, N.J., the state’s largest state-chartered credit union. With the potential influx of deposits after the municipal deposit legislation, CUNJ “can become even bigger,” NJBIZ said. * John Fenton, president/CEO Affinity FCU. Affinity, the largest credit union in New Jersey, is another beneficiary of the municipal deposit legislation, according to NJBIZ. With about $2 billion in assets as of June 30, Affinity saw 3.6% growth over last year.